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The cost of living crisis is raising the price of holidays for British people. How can Britons save money on a holiday?
Express.co.uk spoke to Nilan Peiris, vic president at fintech money transfer brand, Wise, to find out the team’s tips to save money on holiday.
Nilan said: “A little known hack for saving money is to shop on international sites when stocking up on holiday essentials, not just UK ones, as products are often cheaper in different markets.
“By looking for example on Amazon FR instead of Amazon UK, and using a multi currency card, you can often get a cheaper deal on your holiday shopping, and save money on exchange rates!”
A multi currency card will mean Britons can avoid unfavourable transfer rates and save on holiday essentials.
Nilan added: “UK shoppers can now get VAT refunds on purchases made abroad in the EU, saving up to 19 percent on the price of the item.
“You’ll need to ask for a tax refund form at the shop, which will then be validated at EU customs along with your proof of residence.
“Each retailer will manage this slightly differently, but there could be huge savings for those willing to do the leg work.”
The process might take a while but VAT refunds could save British tourists a lot when they’re visiting the EU.
Since Brexit, British citizens are considered non-EU citizens so can qualify for VAT refunds in the EU.
Travellers will need to leave ample time to claim the refunds at the airport but could end up saving a decent amount of money.
Nilan said: “Avoid costly currency exchanges at the airport, which generally have much poorer exchange rates than other options, with providers taking advantage of travellers who need to exchange cash in a hurry.
“It’s usually much cheaper to withdraw cash from an ATM at your destination using a multi-currency debit card. Just check the amount you can withdraw before paying fees!”
Airports usually charge more for money transfers so it’s best to avoid changing money there if possible.
British tourists could opt for a multi-currency debit card to avoid transfer fees. They will also be able to use it to buy products abroad.
Nilan added: “An oldie, but a goodie: when paying with your card, or taking money out of an ATM, you’re sometimes given the option to pay in GBP or the local currency.
“More often than not, the local currency option will work out cheaper for you. This is because of direct currency conversion.
“That means you could be given an unknown conversion rate at the point of payment, as well as being charged a foreign transaction fee, depending on your card provider.”
When given the choice, British tourists should opt to pay in the local currency as it is normally the cheapest option.
Nilan added that Britons should take care of travel scams and “keep an eye out for deals that are too good to be true”.
Holiday scams are on the rise as British tourists regain confidence in travel.
For more money saving tips and information, visit Wise.
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